You may create and/or make all necessary assumptions needed for the completion of this assignment.Review the information from the following Websites:Federal Acquisition Review (FAR) “52.232-1 Payments” Federal Acquisition Review (FAR) “Subpart 32.9—Prompt Payment” Prompt Payment ActFederal Acquisition Review (FAR) “Subpart 532.9—Prompt Payment” Truth in Negotiations Act (TINA)Buy American ActWrite a six to eight (6-8) page paper in which you:Compare and contrast three (3) payments options and discuss the pros and cons of each.Examine the three (3) elements of the Prompt Payment Act, and provide one (1) example of each. Determine whether or not Congress could make any revisions to each element in order to make prompt payment more seamless. Examine one (1) of the four (4) major areas of limiting government cost. Elaborate on the primary manner in which the government could minimize costs within the area you choose. As a contracts officer for the IRS, propose one (1) strategy that you could use to pair the limiting of government cost with the government’s audit rights.Suggest two (2) revisions to the TINA that would lessen the requirements for the government’s procurement of technical data and computer software. Provide a rationale for your suggestion.Compare and contrast two (2) of the exceptions to the Buy American Act, and conclude whether or not these exceptions are necessary. Justify your position.Use at least five (5) quality academic resources in this assignment. Note: Wikipedia does not qualify as an academic resource.